In the latest BRW Young Rich issue, founder of fast-growing accounting firm Bell Partners, Anthony Bell, says: "I have a philosophy of building businesses for sale even though you might not be intending to sell."

This makes perfect sense and it's something that all small business entrepreneurs should take to heart. When you prepare your business to sell it, you are maximising returns, creating efficiencies and installing robust systems that will last long after you are gone.

However, I know that some small business entrepreneurs may argue that they have no intention to sell. That's not the point. Even if you plan to keep your business for life, you'll be creating a more efficient business if you follow this philosophy.

I know one small business entrepreneur who says that she has created her business for "lifestyle reasons". She wants a flexible working environment to enable her to pursue her other interests.

This is great - and I'm all for businesses that can do that - but the danger is that if you don't structure your business so that it can run without you, it can end up being an albatross. As time goes on and your business grows, it will rely more on you. And the "other interests" you want to pursue will go out the window.

So how can you prepare your business to sell it?

While there are a range of things you can do, some basic strategies include:
Get your books in order and understand your financial position
This is crucial whether you want to sell your business or not. I'm constantly amazed at the number of small business entrepreneurs who have no idea how much tax they have to pay or what their superannuation liability is. If you're not savvy with numbers, then, at the very least, get a bookkeeper who can give you a firm idea of your profit and loss every month, and an indication of what your payables and receivables are.

Review any property or equipment leasesThis is particularly relevant if your premises are crucial to your business - perhaps you have a prominent storefront or are geographically close to your customer base. This is less important if you operate out of an office that receives few visitors.

Consider if you need to review any leases and sign up for new ones that will ensure your longevity in your location.

Are your systems in place?Michael Gerber made "systems" a buzzword in The E-Myth. But it's gone beyond being a buzzword and systems are now the core foundation of any business. If a particular function or process falls down when a certain member of staff is sick and no one else knows what to do, you need to review your systems. At a most basic level, start by documenting every step in all your processes and create a procedures manual.

If you are the only one in your business, you might think this is a moot point. But even if you have no plans to employ anyone else, documenting your systems is still worth it. Trust me. Go on a holiday and if you're relaxed enough when you come back, you could be scratching your head wondering how you used to do certain things!

Do you plan to sell your business one day and what are you doing to prepare for it?

When you're starting out in business - or if you want to expand your current business - how can you do this without incurring huge expenses? If you can find innovative ways to bootstrap your business, you can take it to the next level without having to raise capital, find investors or spend sleepless nights wondering how to repay your debt.

I was thinking about this the other day when I walked past the concrete shell that is supposed to become a cafe in my building. I bumped into the eager young owner a few months ago who said it was only a matter of weeks before he would be pouring lattes for local businesspeople and residents. Although he's done some work to the site, progress appears to have stalled.

The building manager said the young entrepreneur has run out of money. Already! And he hasn't even started yet. He's saving up so that he can move on to the next stage of development.

Small business entrepreneurs often feel they need an injection of funds in order to expand. However, cautious business owners - or certainly those who hate going into debt - know how to bootstrap their operations. Bootstrapping is where you use existing resources to get where you want to go.

There is no one way to bootstrap because every business is different and has access to different resources. Effective bootstrapping is all about the finding innovative solutions. So what are some examples?

Finding supportersMy friend Therese is a small business entrepreneur who makes handbags and accessories. She started with nothing except for enough funds to pay one month's rent for her shop. She had to buy fabric and other materials in order to make products to sell in her shop but she didn't have the money. So she went to fabric suppliers with her business plan and convinced them to give her the fabric on delayed payment terms, that is, they would only get paid once she sold the stock. This enabled her to get started and create her first lot of products. They sold well, her suppliers got paid and she had enough left cash left over to buy more fabric outright. That was two years ago and she now exports her products to three continents.

Find fans in your existing customersIf you are looking to expand your business, some of your existing customers may be your biggest assets. They can champion what you do and act as referral sources for your new product line or service. The key here is to make your customers feel special.

One simple way to do this is by bothering to answer emails. I know some small (and large) businesses who think of email as a one-way form of communication. They put an email address on their website but if customers send a message, all they do is read it. Come on! Email is a two-way street. If a customer bothers to send you a message - particularly if they are praising your business or your staff - take the time to simply thank them with a return email. It makes customers feel heard and valued.

Being with the end in mindEven though you are using existing resources when you bootstrap, you always need to have the big picture in mind. This means that when you are making decisions about how to structure your business or the kind of infrastructure you need, don't always go for the super-cheap option.

For example, when I first started my business, I had to decide on a customer relationship management tool. I was torn between an affordable off-the-shelf software program or a customised system created by a software developer, which obviously cost much more. I genuinely believed that it would take five years before I had the volume of customers where I would need a customised system. But thankfully, I invested in it anyway because I reminded myself of the big picture. I figured I would thank myself in five years.

However, I didn't have to wait that long. Because of the features in the customised system, I was able to communicate with customers and potential customers more effectively than if I had used the off-the-shelf software program. This contributed to increased sales and my business reached a critical mass of customers within a year, instead of five years.

When you begin with the end in mind, you can grow into it faster than you expect. You may start out small, but you need to think big.

It's a big investment to pay for a billboard, or to get your name up in lights as a sponsor at an event like the rugby. But there are innovative ways to have your signage seen by many people - without having to spend a lot of money. How can your business take advantage of this?

Where are your customers?

The first thing you need to consider is where your customers or potential customers are going to be. Can you segment them by geographic area, hobbies and interests, or age and gender? If so, pinpoint where they are and find ways to get your business name and message in front of them.

More than a name

Don't waste your time just putting your name out there. Your key message needs to be out there too. This is particularly relevant if your name doesn't give potential customers any clue as to what your business is about. For example, a name like "Kazoo" doesn't give anything away. It must be followed with a message like "Kazoo - for all your fitness training needs". Of course, brands like Yahoo and Google fly in the face of this theory, but when you're a small business, you need to ensure you are communicating clearly to all potential customers.

Where can you put your mobile billboard?

If you don't want to pay big bucks for your advertising signage, there are other options.

A car - do you have a personal or company car that can carry a message. These are literally mobile billboards. Keep your message short and simple. Better still, ensure you have an easy-to-remember website. If people are driving, they may not be able to take down a phone number, but some people will be able to remember a distinctive website address.

Complementary businesses - can you cross-promote with a complementary business? For example, if you are a nutritionist, you could ask a local gym or fitness equipment seller if they can carry flyers about your business. You do the same for them. I run a writing training centre and we have similar arrangements with bookshops where we cross-promote each other.

Clothing - how about wearing your message? My business partner wanted to convert her attic into a storage area. She was standing in a queue when she noticed the following on the back of a jacket worn by the man in front of her: "Need more storage? Get an attic conversion." This was followed by a phone number and website. She approached the man and now he's doing a quote for her. She also asked him if he gets much business that way and he said: "You wouldn't believe the number of people who come up to me because of my jacket."

The internet - are you getting online exposure? You have to advertise for this to happen. Savvy small business entrepreneurs have discovered that one way to get noticed is to comment on blogs. If you include the name of your business or website in a comment on a blog that's widely read, that's exposure to eyeballs that money just can't buy.

Don't compromise your brandingOf course, not all types of signage will suit all businesses. Make sure you choose signage that supports your branding and image. If it's inexpensive, it's worth experimenting with different ways to make your message mobile.

I moved house on the weekend and the removalist's truck was practically a work of art, with stylish graffiti-like pictures all over it. You couldn't miss it and it was easy to identify the name of the company and what they do. Interestingly, they removalist decided on this look because they were sick of getting tagged with graffiti all the time. They used to spend hours trying to get rid of the graffiti every week. So they turned the whole truck into a graffiti wall. It gets them noticed and it gets them business.

We've all heard of urgent fees, express delivery charges and other premiums for extra service. But what about danger money? I know one small business entrepreneur - let's call her Jane - who charges danger money if her clients want her to work with certain suppliers. She's doesn't hide this fact and is upfront about why.

"I help people coordinate their marketing campaigns," she says. "Some clients have ongoing relationships with certain suppliers and if they insist on me working with a supplier who I know is difficult, unpleasant or extremely disorganised, I charge them danger money."

Jane says if the supplier is very disorganised, she just charges any extra time she needs to put into the job, but makes it clear to the client that's why they're being charged more than normal. However, when it comes to difficult or unpleasant people, she take a different approach.

"It all started a few years ago when I had to deal with a particularly difficult, aggressive and unreasonable graphic designer," she says. "He made life hell for me for the six months of the project. When the client asked me to work with that supplier again - because they paid part of their contract with him in advance and hadn't used up the fees already paid - I didn't want to do it. Even though they said they would pay me for any extra time it took, I realised that it wasn't worth it.

"They really wanted me on the job so I joked that I had to be paid danger money for working with someone like that. They were open to that and I ended up charging them three times the usual rate. I put a price on the stress. They were in a little bit of shock at first but I guess I got my point across about how awful it was to work with this supplier."

Jane says this is a great way process of rationalisation and one that she has used ever since.

"Most people are competent and wonderful to work with," she says. "So charging danger money is the exception rather than the norm. One of my friends deals with it differently. She will just tell clients she is busy or try to brush them off with an excuse. I figure this is just more upfront and then clients can make their own decisions about whether they want to go ahead. They always have the option of paying the usual rate - as long as there are no 'dangerous' people involved in the project."

If you can see a business model that works successfully, ask yourself if there's anything you can take away from it.

Similarly, if you like the way your mentor does business, it's natural to emulate what they do. Often, we spend so much time in our own little bubble - busy with the never-ending demands of our small business - that we can forget to open our eyes to the wonderful ideas around us.

Or we spend time only researching innovations and trends in our own industry, when we could learn new approaches and ideas from the way other industries do things.

Picking overseas trends can also put you a step ahead of the market if you are nimble enough to implement what you learn.

There is no point in reinventing the wheel. Look at what Rhonda Byrne did with The Secret. The ideas in the movie and book are nothing new - they have been around for centuries. But Byrne took the best information and repackaged it for a market she understood - and what a huge market that's turned out to be.

Why do you think there is Pop Idol, Australian Idol, Singapore Idol, American Idol? The list goes on. Because it works.

Have a look at the very successful Red Balloon Days in Australia. And then check out Red Letter Days in the UK. One entrepreneur was savvy enough to develop the idea. The other entrepreneur was savvy enough to recognise it was a great concept that could be translated to another country.

I used to learn a lot of theoretical business books. Now, I spend my time studying other companies. You can look at everything - from their organisational framework, market positioning and even what software they choose to use. I cherry-pick the ideas that suit my businesses. It saves me heaps of dry research time and has boosted my bottom line.

What ideas have you learned from other companies that you've implemented successfully in your own business?

When it comes to brand-building, product innovation, worldwide distribution and simply being a household name, you don't have to look too far than Apple. At the helm is the charismatic Steve Jobs - a man who founded the company, was kicked out and then asked to return to lead the corporation into a renaissance. So what can small business entrepreneurs learn from this icon-creator?

The art of the comeback

People say that John Travolta, Bert Newton and Duran Duran have all staged successful comebacks after years in their respective wildernesses. But none can compare to Steve Job's triumphant return to Apple in 1996 after 11 years away from the company.

If your small business is going through a tough patch, there are always ways to turn the business around. But remember, this means that you need to be open to fresh ways of thinking, new product ideas, and new ways of marketing. If you do the same thing and nothing changes, then ... nothing changes. Jobs championed innovation and evolved Apple from a computer company to one that is synonymous with music, MP3 players (the iPod) and, now, phones.

The personality-driven CEONo one can argue that Jobs is a visionary. He's also an enigmatic leader that has followers practically falling at his feet. While this might sound like an exaggeration, have a look at his Macworld keynote in San Francisco earlier this year (you can download it free from iTunes). It's like a group of devoted fans following their Messiah, cheering at every second phrase he utters and almost fainting when they find salvation in the much-hyped iPhone.

While I'm not suggesting you foster a cult-leader persona to get new business, I would suggest the customers often prefer to deal with real personalities. And may be it's better to embrace who you are and what you stand for than try to hide behind the veil of your business.

I once coordinated the Australian Young Woman of the Year Awards for a national women's magazine. One of the nominees was an architect. When I told her she had been nominated, she insisted that her entire office staff be included in the nomination. I explained to that "her office staff" didn't all qualify for the Australian Young Women of the Year Awards, particularly as some of them were men! She said she didn't want to take all the glory. While that was a nice sentiment, it was also a lost opportunity for her.

Of course, you shouldn't take credit from your staff, but if the spotlight happens to land on you, use it as an opportunity to promote your business. Don't step away from it, because someone else is just going to step into it instead.

Beauty is skin deepWhen it comes to product innovation, one thing Jobs is obsessive about is good design. Some of his products will undoubtedly go down in design history books as iconic pieces of functional art. Consumers have gone nuts simply because iPod shuffles were released in a variety of metallic colours. Now, some are going crazy at the pastel hues available.

It goes to show that beauty can be skin deep. If you bow to the right aesthetics, you can capture a share of the market. Sometimes, we pay too much attention on logistics or mechanics, but not enough on simple design. You might not be designing an iPod, but you can be judged on whether your corporate newsletter looks like it's been designed by a professional or an amateur. If there's one thing Jobs knows for sure, looks matter.

What happens when you lose respect for a mentor or business adviser? My friend Anna is a small business entrepreneur who has been working with a business growth adviser for the past six months. Together, they've nutted out marketing plans, strategised on how to grow the business and plotted out big plans for the future. But now Anna feels like her adviser is a bit of a fraud.

"I've been taking all this advice on how to grow my business and increase my profit margins," says Anna. "But my adviser recently confessed to me that he's broke and can't even afford an internet connection."

Alarm bells immediately went off and Anna began to doubt all the advice she had received so far. "I felt duped," she says. "My adviser was coaching me in business growth when he could barely run his own business."

If you are positioning yourself as an expert, you need to make sure you talk the talk - and walk the walk.

While you might argue that Anna's adviser was just being honest, his confession certainly didn't instil any confidence in his abilities.

When you're a small business entrepreneur, there's a fine line between being frank with customers and hanging out all your dirty laundry. So should you just put on a happy face and pretend everything's alright? Or be honest about business being slow?

The answer lies in who your customers are and what your product/service is. Sometimes, a fire sale of sorts can bring cash in the door and lift you out of a slump. Consumers expect products to go on sale and are often keen to pick up discounted goods. With products, new stock can come in and you can return to full price again.

But if you're offering a service, you could be devaluing what you do. It can be hard to justify big fluctuations in an hourly rate for a service professional.

Anna admits that she should have quizzed her adviser more before engaging him. She says he seemed to know the right things to say, had read all the right business books and networked like a demon. But ultimately, he just didn't practice what he preached.

Even if he was in a slump - something all small businesses go through - do you think that he should have admitted to it? Or do you think that honesty is the best policy?

If you are new to the networking game, it can seem like an endless round of breakfasts, after-work functions and lunches where business cards are swapped and promises to call are made. Sometimes, you can meet a hell of a lot of people - but what happens if none of them turn into customers? It can be easy to wonder if all that networking is worth it.

Yesterday, I spoke to a small business entrepreneur who has been busy networking to promote her new business. She bemoaned that fact that none of the people she's met have turned into customers yet.

If you're in a situation like this, you're obviously not alone. But networking takes patience. More importantly, it takes a paradigm shift in your way of thinking. If you are hoping that the people you meet are going to turn into customers, try flipping your attitude. Think about ways you can help them.

That's right. How can you actually help them with their business - or whatever issues they may be facing right now?

It's an approach that ensures you don't look like you're only after one thing! If you are only networking in an attempt to turn your new contacts into leads, that will be really obvious in all your interactions. And if you continue with that approach, don't be surprised if people subtly try to head to the bar or the toilets next time they see you approach.

Many years ago, I worked for a savvy small business entrepreneur who was a consummate networker. He went out of his way to help his contacts. He even spent an hour each day reading magazines and websites to see if there were any articles his contacts would find interesting. Then he'd forward them on with a note. He would also introduce people who he thought would benefit from knowing each other - expecting nothing in return.

Invariably, his contacts considered him thoughtful and well-connected. And he developed a reputation of being the "go to" guy around town. To this day, he's never advertised and yet his client list is always full.

Approaching networking with the right attitude and it's not only enjoyable, but there will be positive results for your bottom line.

When it comes making your business stand out from the competition, it's the little things that can make all the difference. In fact, when business owners stop paying attention to detail, it can sound the death knell to customers.

In the interests of cost-cutting, you might be getting rid of the very things that make your customers buy from you in the first place, particularly if you have a fairly generic product or service.

I escaped Sydney for the APEC weekend to visit a health resort that I really enjoy. Over the past two years, I've visited five times - and I keep going back because the service is impeccable, the surroundings are gorgeous and, quite frankly, they make you feel special.

However, after this visit, I doubt I'll be returning. Nothing terrible happened - it's just that the "little things" that usually make the visit memorable have disappeared.

In an effort to cut staff costs, the porters now go home at 3pm so if you arrive after that time, you lug your own bags to your room. The staff close the reception at 6pm so if you have any questions, bad luck. In the past, the helpful staff were there to help you plan the next day or loan you a DVD for the evening.

Bottles of water in the room, which used to be complimentary, are now $2.50. Healthy dessert options, which used to be on the menu, have disappeared.
Staff used to greet you by name and have a chat but now they herd you around like school mistresses.

None of these changes are earth-shattering. They are all little things. But it's the little things that can make all the difference.

If you need to cut costs, you need to be careful about where you cut the fat from your business. You need to run a lean operation - without destroying the customer experience. After all, customers are the lifeblood of your business.

Where can you cut costs - without impacting your customers' experience?

Internet businesses are booming these days. But how can you make sure your site turns a profit and does not languish in cyberspace with no visitors? Yesterday, I met a small business entrepreneur who has recently turned her hand to creating an online business. I was in Melbourne to film some segments for a cable channel and she was the make-up artist on the shoot.

When she recently became mother, she realised that early morning shoots and long hours on film sets weren't ideal for parenting. So she now has an online business selling bridal accessories. Her aim is to create a business where she can work from home most of the time.

I'm seeing an increasing number of small business entrepreneurs who are looking to the internet as a major revenue stream. Some open online stores, others become affiliates and try on on-sell other people's products.

However, it would be foolish to think that this is the easy option. While you may not need to commute to your business and can develop your site from the comfort of your home, it can also take long hours and a big learning curve in order to succeed.

Some people think that the hard yards are done when the website is being developed. However, this is only the beginning. You can't work on the assumption that if you build it, they will come. In fact, if you don't do the right thing, they might stay away in droves.

Your website needs to be a dynamic tool that you are constantly shaping in order to achieve the results you want. So what does it take for your website to gain attention so people will buy from it?

Ensure you're findable
There's no point having something to sell if no one can find you. Ensure that your domain name is simple and easy to remember. More importantly, keep good records of who you registered your domain name with and when the renewal date is due. You don't want to drop off the face of the internet after you've invested time and money building your customer base.

Learn everything you can about search engine optimisation. You want to create your site so that you can appear high up in Google's natural search results. It's not rocket science. You just need to learn a few basic principles.

When I launched the site for one of my businesses, we didn't exist on Google. It was as if we were invisible. Then, believe it or not, I read The Complete Idiot's Guide to Growing Your Business with Google by Dave Taylor and made sure we implemented his advice. Now, my business is number one - or at least in the top three results - for a whole range of keywords when people search with Google. (I highly recommend this book.)

This didn't happen instantly. And while we were waiting for Google to put us on the map, we advertised with Google Adwords. The book also covers how to use this low-cost advertising tool.

Is it easy for your customers to shop?
It goes without saying that your site needs to be easy to read and easy to buy from. Recently, Julie Forbes, the small business entrepreneur behind the creative Note Couture, decided to revise her website. Instead of just taking the advice of her website designer, she asked a range of existing customers, other small business entrepreneurs and people who had nothing to do with the site to evaluate it. She wanted feedback on its usability. Taking those comments on board, Forbes ended up with a much improved online store.

Is there a human being for your customers to talk to?
Some customers like the assurance of being able to call or email with questions before they buy. It's important to have these functions in place so that customer queries don't go unanswered for days. Remember, for most online stores, you can't just set and forget. You need to be proactive and offer the same level of customer service - if not better - than a physical store.

Explore having affiliate partners
The affiliate world is booming on the internet. If you have a product or service, you might be able to partner with other internet businesses who can refer people to you. And no, they don't do this out of the goodness of their heart. If the customer ends up buying from you, the referrer gets a commission.

This may or may not suit your business - but it's worth exploring if your margin is high enough that you can afford to pay someone for the lead.

The beauty about the internet is that your customers can theoretically come from all over the world. And if you get your website right, this can significantly boost your bottom line. But get it wrong, and you may as well be invisible.

When you have to pitch to investors or prospective clients, what does it take to get the deal done? Last night, I watched some of the UK version of Dragon's Den on Foxtel's UKTV. You may remember the Australian version which featured entrepreneurs - the "dragons" - such as advertising whiz Siimon Reynolds, Mortgage Choice founder Peter Higgins, and Sarina Russo to name a few.

In both versions, budding entrepreneurs pitch their ideas to the dragons who determine their fate by deciding whether their businesses are worthy of investment. The dragons then put their money where their mouths are and sink their own cash into the venture.

With this at stake, the aspiring entrepreneurs are often riddled with nerves and the dragons don't hold back if they think the idea stinks. However, a confident presentation with a solid business case can potentially score hundreds of thousands of dollars investment in exchange for a share in the company.

The decision to invest rests largely on the pitch. So what's makes a good pitch?

Many people roll out Powerpoint and dazzle their prospective clients with graphs, bullet points and graphics. But relying solely on the information you want to convey could be suicide.

One of the best books I've read on pitching is Neil Flett's The Pitch Doctor - presenting to win multi-million dollar accounts. Okay, your business may or may not be aiming for this league, but the principles can still apply.

Even though the book is more than 10 years old - and focuses a lot on the Sydney Olympics bid - most of it is riveting reading. It covers all aspects of the pitch - of which the presentation itself plays only a small part. Much of the strategic thinking and planning is vital to the pitch's success.

Who are you really pitching to and who holds the balance of power?You might be pitching to a board or a team of people but you need to work out beforehand who the key decision makers and influencers are. Don't know? Ask! Or analyse the political structure of an organisation. Keep lines of communication open pre-pitch so that you get a better understanding of the personal dynamics involved.

What emotional triggers are they going to respond to?Even though there are clear and rational business decisions to be made, emotional triggers can tip the balance in your direction. You might like to think that the lowest price or best track record or market leading position is going to seal the deal. But the reality is that decisions can be based on fear (what will people think?), greed (will we make more money?), status (I want to be associated with these people) and more. How do you work this out? There is no exact science - unless you are mind-reader - so, again, frequent and regular communication will help you gain an insight into the people in the organisation you're pitching to.

Death by PowerpointWhen it comes to the actual pitch presentation, I'm starting to see a slow trend away from Powerpoint presentations where the presenter verbalises what is already on the screen. Boring! I spoke to a presenter who told me that's because some people absorb ideas by listening, while others prefer to read. I like to think that people are a bit more intelligent than that and will respond to your presentation if you have great visual images to back up an inspirational verbal delivery.

The follow-upIt's not all over when you've packed up the overhead projector and gone home. Flett's book has a whole chapter dealing with "After the presentation". Again, his advice is to keep communication going. He says you should find out if there is anything else your prospect needs to know and get back to them within 24 hours. He says: "Find ways to give the client added value after the presentation has ended, hours after, days after, weeks after - whatever it takes to show the client how keen you are, how hungry you are."

If you've done some things you're not proud of in the past, does admitting to them show you've matured - or are you revealing your true character and values?

Last week, I was at a networking function where an eager startup entrepreneur (he's been in business for two weeks) told the crowded room that he was previously in "experiential marketing". When asked what that was, he replied: "It's really just event management at four times the price."

While that resulted in a few chuckles from the crowd, it also raised a few eyebrows and generated discussion among some of the attendees. Similarly, I once went to a presentation by an email campaign management company who were demonstrating their fancy email software. The presenter admitted that he gained expertise in the field "doing some illegal things in my misspent youth - like spamming people".

While this may have given him the skills required to implement successful email campaigns, is his admission an indication that he's comfortable doing something illegal?

Similarly, if the experiential marketer was once happy to rip people off at "four times the price", then if you do business with him, will that happen to you too?

We've all had some kind of "misspent youth" and have made mistakes. But when you admit to making mistakes that border on being unethical, you could be damaging your reputation.

On the other hand, there's a lot to be said for being honest. And the reality is that people do learn from their mistakes and go on to carve out successful lives where they contribute ethically to society.